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NPA, Hawks plan series of meetings to finalise VBS Bank fraud probe

The South African Reserve Bank released a report titled 'The Great Bank Heist' this week, which details how R1.8 billion was brazenly looted from the mutual bank.

The VBS Mutual Bank logo. Picture: vbsmutualbank.co.za

JOHANNESBURG – The National Prosecuting Authority (NPA) prosecutors and investigators from the Hawks have planned a series of meetings next week to finalise the investigation and case plan for the VBS Mutual Bank criminal scandal.

The South African Reserve Bank released a report titled The Great Bank Heist this week which details how R1.8 billion was brazenly looted from the mutual bank.

The investigation found that the bank’s executives, high profile politicians associated with the Economic Freedom Fighters (EFF) and African National Congress, auditing firm KPMG and the Venda king were all implicated in the matter.

The collapse of VBS was brought about by a series of fraudulent transactions worth billions of rands involving more than 50 individuals.

The Hawks and the NPA have vowed to go after the individuals involved.

NPA spokesperson Luvuyo Mfaku says: “The team is meeting next week and they will finalise the draft investigation and statement that’s been listed.”

He’s confirmed the prosecuting authority has assigned a number of highly experienced prosecutors to work with the Hawks investigators on the VBS cases.

(Edited by Leeto M Khoza)

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